Colorado Pte Ltd commenced its first non-structural renovation works in accounting year 2017 at the cost of $120,000 and incurred a further $70,000 in accounting year 2018.  In accounting year 2019, it upgraded its reception area and spent $250,000 on non-structural renovation costs.   What is the amount deductible under Section 14Q in Year of Assessment 2020? Group of answer choices a) $100,000 b) $36,667 c) $116,667 d) $70,000

An asset is placed in service on May 15, 2020 and has a depreciable basis of $40,000. The asset is in the 7-year recovery class and the half-year convention applies. What is the maximum depreciation deduction that may be claimed for 2020, assuming no election to expense and no bonus depreciation? a. $5,144 b. $5,716 c. $25,000 d. $2,572 e. None of these choices are correct.

On 1 October 2019, company X (with a year-end as at 30th Sept) acquired an item of machinery for£10,720. During the year, the machinery had got damaged and was underperforming, although it was stillbeing used. By 30 September 2020, following the damage, the item of machinery had an estimatedremaining useful life of two years, a value in use of £6,300 and a fair value of £6,400. The costs to sell theitem of machinery amounted to £500. Company X depreciates machinery on a reducing balance basis ata rate of 20% per annum.Compute the impairment loss in relation to the aforementioned item of machinery to be shown in companyX’s income statement for the year ending 30th September 2020.

3)On November 1, 2021, Ning Corp places a new asset into service. The cost of the asset is $65,000 with an estimated 5-year life and $20,000 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Ning Corp uses the straight-line method of depreciation? a)$9,000 b)$16,000 c)$2,667 d)$4,000